Bitcoin Policy Institute Challenges MSCI’s ‘Non-Operating Company’ Index Rule

This is a governance fight dressed up as an index methodology question. The BPI's argument that the rule traces back to an earlier crypto treasury review, and its focus on an opaque committee, shifts the debate from whether these firms qualify to how index decisions get made at all. That matters beyond the two companies named, because index inclusion is a passive-flow question and methodology changes can set precedent for other digital-asset-heavy balance sheets. Whether MSCI treats this as a narrow technical fix or a broader policy signal is the open question.